Smart Approach Blog

Welcome to Guidewire’s blog for property/casualty insurance. Here we'll share our experiences and lessons learned from more than 300 implementation projects. We'll also offer our point of view on industry trends and advice to help you adapt and succeed on your journey of continuous improvement.

Jun
08
2015

Fraud occurs when someone knowingly lies to obtain some benefit to which they are not otherwise entitled to or someone knowingly denies some benefit that is due and to which someone is entitled. Insurance fraud occurs on both the claims and underwriting side, but we will limit the focus of this post to claims fraud. Claims fraud can be broken into two categories – “Soft Fraud” and “Hard Fraud”. Soft Fraud is used to define unwanted opportunistic behavior of normally honest people.

Jun
04
2015

The title of “Data Scientist” is a relatively recent phenomena. Coined and popularized in the late ‘90s, the title didn’t really seem to have much widespread adoption until the last decade where the extreme proliferation of data and the need to analyze it forced companies to seek out the specialized resources best suited for this task. When I first entered the field a decade ago, the term “data scientist” really didn’t even exist (don’t most scientists use data?). To illustrate, I started as

Apr
28
2015

When business users talk about operational reports, their primary concern is the output - the information they require to make the decision at hand.  To them, a report is a report is a report.  It’s a thing.  But to make reporting happen, you actually need three things, not one.

The right data

Apr
24
2015

One of the most frequent questions I get during a sales cycle is “What’s the best way to integrate my document solution with Guidewire?” Another way to frame this question is “How will your products impact my current document infrastructure?”

Apr
10
2015

We all agree that predictive modeling is a powerful tool that can help us make better business decisions in every segment of the P&C insurance value chain. Daily we come across all kinds of industry statistics on how P&C carriers are planning to increase their investment in predictive analytics and where they are planning to invest. The ‘how we do it’ is equally important as the ‘what we do’.

Apr
01
2015

I love golf. So much so that my wife often questions my sanity. It’s my favorite sport to play and watch, but the latter only when I’m already sleepy and not playing golf. Why do I bring this up in a Guidewire blog? Golf holds a lot of similarities to building product, any kind of product, whether it’s a software product or an insurance offering. 

There are different aspects to both that hold key similarities. For simplicity, let’s break down building product into three buckets:

Mar
27
2015

Digital technologies have profoundly changed how we do business. Because these technologies impact virtually all business functions and customer interactions, today’s companies recognize the importance of becoming a “digital business.” This notion is certainly supported by insurance industry articles, discussions, and conference references.  But what does it really mean to be a digital business?   

Mar
06
2015

Most customers start thinking about making many widespread changes to their IT landscape as part of a core system replacement project. Even though the goal may be business transformation, it makes sense to consider what technology benefits can also be realized.

Feb
13
2015

In a prior life I worked as a business systems analyst for a global hard drive manufacturer. After successfully navigating the Y2K crisis, we found ourselves inundated with custom report requests.  We did an analysis and found that our enterprise system had over 2,000 custom-coded operational reports, only 70 of which had been run in the last 90 days. Of course, the actively-used reports were the source of endless user complaints and enhancement requests.

Feb
12
2015

One of the biggest challenges faced by the U.S. Homeowners insurance industry are the losses driven by hazardous or poor maintenance conditions. There are many unknowns when a risk is being underwritten and field inspections help carriers learn more about the conditions of the structure and the property.

Feb
02
2015

We’ve been experiencing an unprecedented investment by small-to-mid-sized carriers in policy, billing and claims transformation programs. This is creating the foundation for future strategic initiatives, such as digital strategy and data analytics.

Feb
02
2015

As the 2015 tennis season’s first Grand Slam event, the Australian Open, began, my thoughts turned to a quote from the legendary Arthur Ashe: “Success is a journey, not a destination.” A winner of the event in 1970, Mr. Ashe recognized that success requires constant pursuit.

Jan
27
2015

One year ago, I told you a story about a VP of Claims who staffed up to improve her subrogation collections on personal auto claims, and I mentioned that we would continue supplying her with updates on 

Jan
20
2015

I have spent the bulk of my software career as a member of the sales camp. My comfort zone is nurturing big ideas and helping to motivate clients to embrace change. It is thrilling to earn the right to engage with clients through the decision-making process, help clients gain confidence that transformation is possible, and support the first steps in vision execution. Pretty lofty, I know.

Jan
16
2015

Storytelling can be very impactful in a host of business settings. The most impactful part of Guidewire’s marketing is to provide a forum for our customers to tell their stories. For example, at Connections, Guidewire’s annual user conference, more than half of the sessions were led by customers sharing their stories with their peers.

Jan
15
2015

Last month, an associate professor at Harvard Business School gave the world an inadvertent lesson on opportunity cost when he spent several days taking a f

Jan
08
2015

In most large IT organizations, there are many projects in-flight at any moment in time, at various stages of maturity. Without a consistent technical perspective across these projects, things can go haywire, with enterprises forced to support too many disconnected interests and technologies. This can lead to some interesting conversations for external partners trying to figure out the company’s IT landscape:

Q: “What kind of tool do you use for X?

A: “All of them.”

Jan
06
2015

As insurance carriers increasingly transform their policy administration systems to provide more self-service options to their agents, they must be mindful of the possible business disruptions these changes may cause.

Dec
17
2014

Recently, we’ve seen increasing interest from small-to-mid-sized carriers in transforming their policy administration systems. One of the biggest considerations for this type of business transformation is organizational change management. Organizational change management is one of the hardest areas to change, but is key not only to minimize disruption during the change, but also to enable adoption and realization of the business benefits.

Dec
05
2014

Converting a policy administration system is not an easy job or investment. A poorly-done conversion can result in inadequate resources and inaccurate data, leading to skepticism about the system’s quality, lower productivity and a negative impact on the bottom line.

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